Retirement - Only the Beginninghttp://lovebeingretired.com
Planning for Retirement Beyond FinancialThu, 08 Dec 2016 19:01:51 +0000en-UShourly1http://wordpress.org/?v=3.9.14Retirement is Full of Surpriseshttp://lovebeingretired.com/2016/12/08/retirement-is-full-of-surprises/
http://lovebeingretired.com/2016/12/08/retirement-is-full-of-surprises/#commentsThu, 08 Dec 2016 19:01:51 +0000http://lovebeingretired.com/?p=6374Continue reading →]]>If you think life is full of surprises just wait until you retire! No matter how prepared you might think you are your second act will be littered with unexpected twists and turns, unimagined adventures and new experiences, and hopefully many truly memorable moments. But until you are actually living the life you only think you know what to expect.

Before I retired I did my due diligence. I read books and blogs, talked with retirees, and tried to figure out what I would like and not like to pursue once I departed the working world. I imagined what it would be like to get up each day with nothing required of me beyond what I wanted to do. It sure sounded good but things don’t always turn out the way you plan.

Out of the blue

While still a youngster at the childlike age of 53, I found myself unexpectedly unemployed with no real prospects on the horizon. I searched valiantly and relentlessly for my next gig but after a year of rejections and “we decided to go another way” I was pretty disheartened. I didn’t feel that old. I thought my years of experience – decades actually – were surely worth something to someone. My plans regarding retirement had me calling it quits closer to 62 – I was far short of that target.

Fortunately I was able to retire earlier than planned. My wife kept working so our medical coverage was taken care of and cash flow remained positive. My days have evolved into a collection of activities and interests that keep me engaged from morning to night. I love being retired but never forget how blessed I am – not everyone’s situation is so rosy. I am learning to expect the unexpected.

You’re not too old

Some view retirement as the end of the road. Your career is behind you, the family is raised and on their way, and you have achieved some or maybe all of those major goals you set back in the day. Not much is expected of you now – just take it easy and enjoy the fruits of you labor. As my dad would say, “sit back and watch the grass grow.”

Not so fast.

This generation of retirees often enters their second act energized and excited about the coming decades. Accustomed to busy active days they have no plans to watch retirement from the sidelines. Finally granted the free time to pursue what lights their individual fire retirees are stepping out. So long as you remain physically able you can experiment and try new things. Who says you are too old? Stories of septuagenarian and octogenarian achievements are well documented. Feel free to add your name to the list.

You can get along with your spouse 24/7

If you think about it the longest time you have been with your partner 24/7 is probably on a 1-2 week vacation. That is not much of a test for the 10-20 year stretch that retirement promises. But you know what? You can make it work and it can be fabulous. My wife and I have been retired together a little of one year so we are still newlyweds in terms of our retirement timeline. We have learned a lot about what we like to do together whether hiking or playing cards or getting to know the neighbors or entertaining. We have also learned the importance of having our own interests to pursue. A little time spent on our own makes time together more special. Best of all we are comfortable just being together. We don’t have to fill the air with small talk. We don’t have to “be on” all the time. We can just be in the same room reading or doing whatever and we are happy. A harmonious retirement is all about being sensitive to one another and maintaining a willingness to adapt. There is plenty of room for both or you.

There’s not enough time in the day

Before I retired I was concerned I would not have enough to keep me busy. Sure I had a few hobbies and had my eyes on exploring a few more but was that enough to occupy me 10 hours a day 7 days a week? I remember discovering a blog Retirement A Full-time Job where Sydney Lagier shared her retirement journey. It quickly became clear she was anything but bored. Sydney was always on the go trying new things and never looking back. So there was hope!

These days I get started around 7:30 in the morning with coffee and the newspaper (a real newspaper, not online). With the many different interests I pursue throughout the course of the average day, before I know it I am looking at cocktail hour. Who has time to be bored? I have learned you can never have too many hobbies/interests/passions. I remain always on the lookout for the next addition to my list. I won’t say I am as busy now as I was when working full time but I sure enjoy what I am doing much more.

I read somewhere “retirement is only the beginning”. Now is the time to enjoy all the surprises our second act has in store.

]]>http://lovebeingretired.com/2016/12/08/retirement-is-full-of-surprises/feed/0Make Your Retirement User Friendlyhttp://lovebeingretired.com/2016/11/29/make-your-retirement-user-friendly/
http://lovebeingretired.com/2016/11/29/make-your-retirement-user-friendly/#commentsTue, 29 Nov 2016 14:13:17 +0000http://lovebeingretired.com/?p=6366Continue reading →]]>When I started LoveBeingRetired back in 2010 one of my goals was to figure out what I could do to prepare myself to live a fulfilling, meaningful and fun retirement. At the time I was still working full time but was getting up there in years especially when it comes to the start-up arena which was my chosen career. The possibility I might find myself unexpectedly out of work was a real concern (as it turned out a well -founded concern). After all the struggles and long hours with my nose to the grind stone I was hoping to avoid as many nasty surprises as possible once retired. I did not want to waste a precious moment once I crossed over to the other side – retirement that is.

What could I do to make the most of my second act? How could I engage my mind and body for the future decades when I would control how I spent my days? What did a successful satisfying retirement even look like?

No one has all the answers but I have learned a thing or two since 2010. The education is on-going but here are a few highlights:

The more interests you have the better

If you are like me your interests will change over time. What was an exciting endeavor at 20 might feel down right out of place at 60. Perhaps you have done something so many times that you are just tired of it. It could be as you evolve over the years your passions evolve as well morphing into new and different areas of focus. Maybe what really lights your fire is being engaged in a whole bunch of different diverse things, kind of a hobby-aholic.

I believe you can’t have too many interests, hobbies or passions. A wide variety of options allows you to custom fit activities to your desires at any given moment. With a long list to choose from you are more likely to find something just right for right now. The risk of becoming bored is reduced when you have multiple and varied activities in your bag of tricks.

Once you retire you will be blessed with the freedom to set your own schedule. If something becomes boring move on. Should an undertaking feels overwhelming call it quits and revisit at your leisure. You are free to choose the path you take. You are free to explore whatever might ignite your interest at the moment. Best of all there is no one judging you other than you.

At any given time I am likely reading 5-6 different books. A few are light reading – fiction or thrillers; a few are real life non-fiction; a few might have an historical flavor. What I truly enjoy is I can sit down and read one for fifteen minutes. Then I can pick up another of an entirely different flavor and read that for a while. My wife must find it curious to see me sitting on the couch with a stack of books on either side, one for the read and the other for the to-be-read titles. Perhaps not your cup of tea but for me what a joy!

Over the years readers of LoveBeingRetired.com share how they spend retirement days in ways most fulfilling and meaningful to them personally. From dancing at every opportunity whether there is music or not to trekking through Mongolia on a camel to perpetually touring the US in a RV to playing trumpet in a local band to returning to school to study those subjects you actually like to becoming a gardener extraordinaire, the options are limitless. As a retiree it truly is different strokes for different folks.

Be forever curious

Have you ever seen that light of curiosity the shines in the eyes of a child? So much of the world is new and unknown, so much potential exists, so much excitement is just waiting to be experienced. Its little wonder children run around like turbocharged caffeine addicts trying to make as much as possible of every minute. That curiosity with all things keeps them young at heart and might do the same to those of us further along in years. If we wonder, if we ask, if we search the days can be filled with meaningful moments. A little imagination combined with a pinch of curiosity thrown into a pot of free time is a recipe for success and fun.

Don’t wait for life to come to you

As I have said before we will never be as young as we are today. Now is the time to get rolling, to pursue those dreams we have waited so long to realize. Who knows what the future holds? None of us wants to regret waiting too long and sadly missing those opportunities to enjoy ourselves. The sidelines are for watching – better to get into the game and see what you are made of.

Ask for help

A reality of aging is the little things we so easily did up to this point do not remain so easy going forward. Something as basic as cleaning the house can lead to sore joints and tired muscles. It is important to come to terms with the situation and live accordingly. Take your time getting the chores done. Don’t be afraid to stop midway and finish the effort later. And don’t be afraid to ask others for help. Friends and family make up our support group through our lives. Getting help in these later years can be an important contributor to a happy retirement. Stay off those ladders, pace yourself and never run with scissors.

Enjoy

If I have learned anything from my years on earth it is worrying is a waste of energy. Stressing out about things beyond my control only detracts from my quality of life. Life is too short and there are too many wonderful moments to be had. My plan is to enjoy the journey for all it is worth. Is your glass half empty of half full?

Even if you think you’re the most prepared retiree on the planet, there will still be those pesky unexpected costs that add up over time and may put a burden on your budget.

According to the AARP, retirees fear outliving their savings more than they do death. Since you don’t want to be this statistic, here are 10 unexpected costs you may have never thought of and may want to prepare for just in case it does happen:

1. Divorce

Even if you feel you’re happily married, you do realize you’re going to be with your spouse a lot more often than you were before. This could be a good thing, or it could be a disaster waiting to happen.

If you think about it, you probably worked a 9-5 job, leaving you with very little time to spend quality time with your loved one. While less than 3% of retirees divorce, it’s a situation that could eat up a lot of your assets, especially if you don’t have a prenup.

2. Fraud

Fraud is rampant on the Internet, and if you use it to purchase items, complete bank transactions or send money to friends, you may want to think about the chances of a hacker and/or virus attacking your computer. Sure, while banks are pretty good at spotting scams and preventing you from sending cash, they can’t do much if you send your money overseas to someone who swindled you. While the chances are slim, scams have cost some retirees tens of thousands of dollars. Remember fraud happens outside of the Internet as well, so it’s always best to do your due diligence before sending your money to any organization.

3. Poor Investments

Whether it’s trusting the wrong person or making the wrong investment decision, you’re going to want to take a close look at where your money is invested. Do you have your money invested in bonds? CDs? Or is it a tech company that started up yesterday? While it’s okay to risk your money in your 20s, it isn’t okay to roll the investment dice when you are on the brink of 70 or 80. Poor investments could easily cost you 10 to 30% of your nest egg.

4. Death of a spouse

This is a sad one, but it can easily happen to anyone in retirement. Whether your spouse was working a part-time job, had a pension or any sort of other income, you can count on this being affected if your spouse were to pass away. With this, however, it can be avoided ahead of time if you prepare for this worst case scenario. For example, if your spouse were to have a pension, what portion would you get? What about social security? How would that change? Be sure to know this so you know how your budget is going to change.

5. Family emergencies

If you have grown kids, what happens if a family emergency were to happen? Would you be willing to help financially? For example, let’s say they lost their car because it needed a new engine, and without a new one, they can’t make it to their jobs. There could be some situations such as these that could potentially cost your budget thousands of dollars.

6. Drop in home value

While we can’t predict the future, what happens if your home is worth 25% less than what it is today? If you plan on downgrading in the future and taking some of that equity, you may be hurting if your value isn’t what you think it will be worth in the future.

7. Dental expenses

Sure, you will be covered by Medicare and a supplemental insurance if you so choose, but what happens if you don’t have any dental insurance? The average root canal can cost you a few thousand dollars, while a few cleanings and a new crown can cost close to that figure as well. We all know our teeth won’t get any better as we age, so it’s best to budget for those unexpected dental bills.

8. Home repairs

As your home ages, it’s going to increase the chances of replacing big name items such as the roof, air conditioner, water heater and if it’s old enough – maybe the plumbing and electrical. Regardless of how old your home is, you will want to make sure you have a budget set aside to be prepared to pay for a $6,000 new roof or $1,200 water heater.

9. Expect tax changes

We can’t assume the tax code will stay the same forever; in fact, if we look at that past, we can only assume it won’t. If any of your investments are affected by taxes, what happen if these taxes increased 5, 10 or 20%? Would it hurt your budget? For example, qualified dividends aren’t taxed for the first $74,900 if you’re married filing jointly. What happens if the government wants to tax these dividends like income?

10. Unexpected travel

While you may plan on traveling throughout retirement, you have to think about unexpected travel such as weddings, a funeral or some event that you don’t want to miss. As you know, an airline ticket, hotel room and rental car can easily cost you $2,000.

Retirement can often last you 30 years or more, and with this long journey will come this unexpected costs. As long as you make room in your budget for these surprising costs, there’s no reason you have to toss and turn thinking about how the bill will be paid.

Confident in the belief that life was about more than the career that I enjoyed, I retired on August 13, 2015 with the intent to begin the next chapter of a life well lived. To be sure, I would miss all of the things that everyone mentions when leaving the work force—the friends, the challenges, the structure—but I never worried about being bored. In the years leading up to retirement, I grew increasingly excited about the opportunities that lay ahead. There were books I wanted to read, a camera I wanted to use, stories I wanted to write, and, most importantly, vast stretches of America that I wanted to see.

Three days after retiring, my adorable wife and I left on the first of three extended road trips, each trip lasting a month or longer, and returning after every one genuinely grateful for the experience and eager to plan another. We are certain there are many others in or nearing retirement with plans for extended travel at the top of their bucket list so, with that in mind, we want to share some of the lessons we learned which helped to make our experiences both memorable and rewarding.

Commitment

Before you make the plans for an extended road trip ask yourself some very probing questions. Can you live without the weekly golf match with the guys or the bridge luncheon with the girls? What about that fabulous birthday party in three weeks that is going to include everyone? Will I really enjoy being that far from the comforts of home? We had those questions and then some. A recent survey showed that 60% of husbands wanted to spend more time with their spouse in retirement, but only 43% of wives felt the same. Would Helen (adorable wife) survive with me stuck to her side for five weeks? Wanting to make this road trip so badly, I was almost afraid to ask, but I did and we had a serious discussion about it. Helen is a busy person and frankly, I was surprised (and thrilled) when she exclaimed enthusiastically “I’m all in”. This is essential to success, so be sure you’re both committed.

Plan

A thorough plan takes time but it can be as exciting as the trip itself. We started planning almost two months out by selecting the region of the country and the cities we wanted to visit. We found Google Maps to be very helpful in calculating travel distances and selecting routes. Regardless of whether your preference is for campgrounds, motels, or even bed and breakfast inns, you should make confirmed reservations. Once you’re on the road, your plans may change, and you can adjust accordingly, but having a confirmed reservation is a great comfort. Reviews on Trip Advisor served as our guide for reservations. Two tips might prove useful; (1) Travel after school starts, usually around the middle of August when the crowds are reduced significantly and; (2) organize everything into a loose leaf notebook according to the cities you plan to visit. We had a tab for each stop that included a hard copy of each reservation confirmation as well as magazine and newspaper articles about things to do in the area. Add a couple of sheets of loose leaf notebook paper to each tab for notes. It helps when submitting reviews on Trip Advisor for good (and bad) service for future travelers.

Don’t Overdo It

On our first trip, we had so much energy and excitement flowing through us that we wanted to do it all. We were in Kure Beach, NC and had made two sightseeing trips two days in a row. In addition, we were having a hard time passing up all of the enticing places to eat and drink. At that point we realized that doing it all was impossible. We were near exhaustion and still had four weeks to go. Out of that weariness, two principal guidelines for extended road travel were born. First, we would limit ourselves to no more than one major sightseeing excursion and one eating experience per day. We broke with this principle rarely. Second, we planned one or two “down days” where all travel activities were suspended. This gave us the chance to stretch the legs, catch up on email, do laundry, make trip notes and even pay bills. Both guidelines kept us fresh and energized.

Don’t Fret Over Wardrobe

We discovered on about the second week that no one knows that you wore the same outfit last week. I found that I needed a good rain jacket, three pair of cargo pants (great for cell phone, receipts, maps, etc.), comfortable shoes and some golf shirts. I did pack one nice, dressy pants and shirt combo, but never used it. Helen’s advice is much the same—comfy shoes and comfy clothes— and make that suitcase as light as possible.

Senior Discounts are Plentiful

Travel can be expensive so we did a little research and found that businesses love giving discounts to Senior Citizens. With a little digging, I came up with almost three pages of discounts on food, lodging, and services that are there for the taking. Sometimes a cashier will give it without being asked (gray hair helps), but most of the time you have ask, so don’t be bashful…it pays off. The best discount of all is the National Park Senior Pass that permits the pass holder to bring three adults into a National Park for free for a lifetime. The pass is available to anyone over 62 for a one-time fee of ten dollars. The pass may only be purchased at a National Park (no mail or online purchase). We rarely pass a National Park when traveling. Be sure and get a National Park Passport also. Collecting the stamps for each park is a lot of fun.

Roads Less Traveled

America is a place of staggering beauty. Without a doubt, the best way to see it is by traveling the roads that take you through the small towns and villages that make our country so unique. Our road trips took us through New York, Chicago, and Washington, D.C, but those can be busy and expensive places. Finding parking can sometimes be a challenge. Some of our most memorable experiences however, were in towns like Beaufort, NC, Solomon’s Island, MD, Grey Eagle, MN, or Bayfield, WI. There is much to learn and do in small town America so stop, visit a Farmer’s Market, browse through the shops (we love antique shops and flea markets), taste the wonderful food of the region or walk through a park and introduce yourself to someone. If you’re fortunate, you may find a local festival underway where you can really get a feel for the culture like the one we found one this summer in International Falls, MN.

There is a lot of country out there just waiting to be seen and you’ve earned the opportunity to explore it all. We sincerely hope we have given a little help and insight to those of you with plans for extended travel in your “Golden Years”. We especially hope that the first road trip is successful and leads to many more. So, slow down and put away that smartphone, take the first exit off the interstate, and hit the road less traveled.

It’s only the beginning, but we’re happily Easin’ Along now…hopefully we’ll see you along the way.

Joe Bruner retired from a career in the home building industry and a career as an officer in the US Army Reserve. He and his wife Helen live in Knoxville, Tennessee. They have written extensive articles about their travels on their website Easin’ Along (www.easingalong.com).

When you spend decades preparing for your retirement, it’s easy to think of retirement as little more than a financial undertaking. Save enough money, quit at the right time, live within your means, and everything will be fine, right? But the adjustment to retirement is one of life’s major transitions. After all, you’ve probably defined yourself by the work you do for decades. So when you’re no longer working outside of the home, it’s easy to feel a bit lost. Here’s what you can expect from your transition.

A Financial Shift

For perhaps the first time in your life, you’re no longer drawing in a paycheck, but you are taking money from your retirement stockpile. That alone is enough to leave you a bit uneasy, so don’t be surprised if you find yourself fixating on finances for a while. You’ll need to find ways to adjust your expenses. Ditch that gym membership you no longer use, and consider cooking more meals at home. Once you’ve fallen into a new financial groove, though, you may be surprised to learn that you really don’t have to deprive yourself if you’ve appropriately planned for your retirement.

Anxiety About Money

When you’re not making money, it’s natural to be anxious about finances. And if you didn’t save enough for retirement, or if you have unexpected expenses, anxiety is almost inevitable. Establish a relationship with a financial advisor you trust early on, then keep working with this person as your situation changes. If your anxiety persists, consider this: seniors have options that younger people do not. If you own your own home and need cash to fund an emergency, home repairs, or some other expense, consider a reverse mortgage. This option offers you tax-free cash that you do not have to repay as long as you remain in your home.

Confusion About What’s Next

In the first weeks of retirement, you might feel positively giddy, totally footloose and fancy-free. But as the realities of life without work set in, you might begin feeling useless, confused, and even depressed. This is normal. Give yourself time to adjust to this significant life development. Take some time to consider how you want to spend your time, then do all those things that working always kept you from—whether it’s starting a garden, starting a nonprofit, or just spending more time with your family.

Increased Family Conflict

You probably envisioned retirement as a chance to spend more time with the people you love the most. But more time together can also mean more conflict, particularly if you’re also struggling with the emotional adjustment to retirement. Don’t be surprised if you find yourself snapping at your spouse more, or if your kids want a break from togetherness. Give it time and be willing to work through it, and you’ll soon find your family relationships adjusting to your retirement.

A Shift Toward Generativity

Generativity is the tendency to look toward future generations and what you can contribute. Shifting toward this mindset marks a major psychological change that can imbue your retirement with meaning and purpose. Rather than focusing on what you can get out of your retirement, you might find yourself eventually considering what you can offer the world, the next generation, and your family. If you are struggling with the retirement adjustment, know that this shift toward generativity may be the most helpful way to settle into your golden years.